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Market Update

Australian Indexes Extend Weekly Loss to 1.2%, ANZ Net Soares 7%

Author: Marcus Jacob
Last Update: 12:24 PM ET August 16 2013

4:45 PM Sydney – Australian markets extended losses and indexes fell 1.2% in the week. ANZ Banking Group said cash profit rose 7% to $4.8 billion but said net interest margins are narrowing. Santos Limited said net first-half net increased 3%. APN News Media rebounded to profit.

Australian stocks traded lower and extended losses in the week as markets around the world declined on the growing speculation the U.S. Fed will conduct its tapering from as early as September.

Australian dollar slid to 91.52 U.S. cents and in stock trading turnover declined to 788 million shares worth $4.8 billion.

The ASX 200 index slipped 38.50 or 0.7% to close at 5,113.90 and the broader All Ordinaries dropped 36.60 to 5,100.01. For the week, ASX 200 jumped 1.2%.

Stocks in Review

Rio Tinto declined $1.32 to $60.08 and BHP fell 46 cents to $36.87 and Woodside Petroleum Limited slid 2 cents to $38.29.

David Jones Limited slumped 7 cents to $2.73 and Breville Group rose 1 cent to $7.36. Woolworths slipped 5 cents to $33.22.

Mirvac Group added 1 cent to $1.65 and Lend Lease closed unchanged at $9.06.

Westpac declined 34 cents to $31.26 and National Australia Bank fell 21 cents to $31.27.

Automotive Holdings Group Limited dropped 1% to $3.89 after the automobile retailer group revenue in the year ending in June climbed 9% to $4.28 billion and net profit for the year surged 32% to $66.8 million from a year ago.

Revenue from the automotive retail division soared 10.4% to $3.541 billion and revenues from logistics division grew 3.3% to $735.6 million.

APN News and Media Limited surged 20.7% to 35 cents after the media company said net in the first-half swung to a profit $12.8 million compared to a loss of $319.4 million a year earlier.

The media company said it plans to sell its brandsExclusive site to strengthen its balance sheet.

AVJennings Limited soared 5.3% to 49.5 cents after the home builder said revenue in the year ending in June dropped 16% to $158.46 million from $188.809 million in the last year. Net loss in the year narrowed to $15.27 million compared to $29.83 loss recorded in 2012.

DUET Group slid 0.9% to $2.11 after the energy utility reported revenue in the year ending in June jumped 8% to $1.31 billion from $1.22 billion a year earlier. Net profit-after-tax in the year tumbled 88% to $5.82 million compared to $47.549 million a year ago.

Net profit after tax expenses for the year plunged 55% to $19.6 million $43.9 million in 2012.

Domino’s Pizza Enterprises Limited surged 9% to $12.88 and the fast food restaurant plans to raise approx $137 million from an institutional placement next week.

Fairfax Media Limited closed unchanged at 54.5 cents after the media company commented on market speculation and it does not plan to sell its online hotel reservation website Stayz.

Santos Limited jumped 3.8% to $14.54 after the oil and gas producer reported revenue in the first-half ending in June rose 1% to $1.51 billion from $1.50 billion a year ago. Net profit for the period grew 3% to $271 million compared to $262 million and earnings per share rose 2% to 28.1 cents from 27.6 cents a year earlier.

The oil and gas producer reaffirms its production guidance for the year in the range of 52 million barrels to 55 million barrels.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc